[DanaC]

Jealous:

1. feeling resentment against someone because of that person's rivalry, success, or advantages (often followed by of): He was jealous of his rich brother.

2. feeling resentment because of another's success, advantage, etc. (often followed by of): He was jealous of his brother's wealth.

3. characterized by or proceeding from suspicious fears or envious resentment: a jealous rage; jealous intrigues.

4. inclined to or troubled by suspicions or fears of rivalry, unfaithfulness, etc., as in love or aims: a jealous husband.

5. solicitous or vigilant in maintaining or guarding something: The American people are jealous of their freedom.

Envy:

1. a feeling of discontent or covetousness with regard to another's advantages, success, possessions, etc.

2. an object of envious feeling: Her intelligence made her the envy of her classmates.

3. Obsolete. ill will.

Either word can be used regarding other people's possessions. But envy only really relates to other people's stuff and is more about coveting.